“Will I still be paid if my buyer’s property won’t close until AFTER the MLS rule change?”
August 2, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section.
Q: What if I have a buyer under contract for a property where compensation was offered through the MLS, but the property won’t close until after the rule changes take effect for my MLS, will I be paid?
A: As we all wade into the new practice changes together, you can probably imagine that an attorney will tell you to get it in writing, regardless. If you haven’t already done so, please memorialize the compensation offered—don’t rely on the MLS like you have in the past. This is because when compensation is offered in the MLS, it creates a contract based on MLS rules and the Code of Ethics. Without compensation offered in the MLS at settlement, it’s possible that an arbitration panel or judge would say that there is no longer a contract.
Have a question about this article? Submit it to the Legal Hotline!
The Legal Hotline is a member benefit that has been supporting members for over 25 years. Our team of lawyers answers your important questions about real estate transactions quickly and accurately (usually within three business hours!).
Here are some tips to help make the Legal Hotline work for you!
You might also like…
HUD Fair Housing Guidance on Screening Tenants
By Sean Olk - November 13, 2024
On April 29, 2024, The US Department of Housing and Urban Development (HUD) released a new guidance document on compliance with fair housing laws when screening tenants for… Read More
“What do I need to know about the new FinCEN rule?”
By Ryan Leonard - November 12, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. A:… Read More
“What was the outcome of the case that found an agent liable for negligence due to damage caused by an unlicensed contractor?”
By Santiago Montalvo - November 7, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q:… Read More